Cryptos Today: Market Cools Down $70 Billion After US Senate Proposes Ransom Bill, More News

São Paulo – The cryptocurrency market is losing momentum Wednesday morning (6) and nearly $70 billion in market capitalization plunges after the US Senate received a new bill that would investigate cryptocurrency paper for ransomware fraud.

The bill, drafted by Senator Elizabeth Warren and Congresswoman Deborah Ross, calls on victims of ransomware attacks to disclose information about payments to hackers to the Department of Homeland Security (DHS). According to the document, the idea is to trace the relationship between cryptocurrencies and cybercrime known to hijack data from affected computers.

Contrary to recent days, the cryptocurrency market is back after a dip in global stock exchanges amid expectations of the release of DIA business data for the private sector of the USA.

Leading experts in Brazil teach you how to invest better in this asset class: Meet the Cryptoinvestor cycle!

The most affected cryptocurrencies are those with the lowest market capitalization: at 7 am, 13 cryptocurrencies among the top 100 double digit coins are down. However, many of them still accrue weekly profits, as is the case with Axie Infinity (AXS), which is still up about 80% in the week even after a daily decline of more than 12%.

Bitcoin (BTC) is trading at $50,649 after hitting close to $52,000 yesterday, but it is still better than other top-rated assets in the world. Ethereum (ETH(Kay 2.1%, Cardano)There is(Loses 5.1% and Solana)Sol), the seventh most valuable in the world, down 9%.

At the moment, the only cryptocurrency with a strong rally is Shiba Inu (graying), which originated from a meme such as Dogecoin (dog) and photographed more than 60% in the last 24 hours and 220% in 2 weeks.

The downturn comes after crypto-entrepreneurs “conquered” the list of the 400 richest people in the world according to Forbes: all six newcomers made their fortunes through cryptocurrencies. In addition, George Soros’ family office confirmed that he has Bitcoin.

Check out the performance of major cryptocurrencies at 7:00 AM:

Cryptocurrencies with their highest levels in the last 24 hours:

Cryptocurrencies with the highest losses in the last 24 hours:

Check out how crypto ETFs closed in the last trading session:

Check out key news from the cryptocurrency market on Wednesday (6):

US Senator Wants To Investigate Cryptocurrency In Ransomware Attacks

US Senator Elizabeth Warren has introduced a new bill that seeks to investigate the link between cryptocurrency and ransomware attacks, which are computer viruses that hijack victim data for a ransom payment.

According to Warren, the idea is to create “disclosure requirements for when ransom is paid” in order to make it easier to trace money and prosecute perpetrators. The senator specifically mentions cases of attacks on companies, which usually involve higher values ​​due to the confidentiality of hijacked data.

One of the most notorious recent cases occurred with Colonial Pipeline, a fuel pipeline operator whose systems were invaded and operations halted due to ransomware.

Under a bill in the US Senate, victims will be required to report any cryptocurrency payments to the Department of Homeland Security (DHS). The proposal also comes at a time when discussions about regulating cryptocurrencies in the country intensify.

Crypto billionaires conquer the Forbes list

All six new members of the list of the richest people in the world published by Forbes are from the cryptocurrency industry. Entrepreneurs enter the select group with assets of at least $2.9 billion after a year of strong growth in cryptocurrencies.

The highest ranked position was Sam Bankman-Fried, with a fortune of $22.5 billion. Founder of Alameda Research and brokerage FTX, he led the record raising of $900 million for his trading exchange in July.

Second, Coinbase CEO Brian Armstrong, who raised $11.5 billion after the company went public, followed by Ripple co-founder Chris Larsen, who added $6 billion despite the legal battle between the company and the US Securities and Exchange Commission (SEC). .

Then comes the twins Cameron Winklevoss and Tyler Winklevoss, founders of Gemini Exchange, with fortunes estimated at $4.3 billion each. Fred Ehrsam, Coinbase Advisor and Co-Founder, comes next with $3.5 billion.

The list ends with Jed McCaleb, creator of Stellar (XLM) and the Mt.Gox exchange, which was sold before a notorious hack, but whose $3 billion fortune consists mostly of token reserves. XRP which he obtained after leaving Ripple in 2014.

George Soros Family Office Reveals He Owns Bitcoin

Bitcoin is owned by Soros Fund Management, the family office of controversial investor George Soros. In an interview with Bloomberg on Tuesday (5), CEO and CIO Don Fitzpatrick said the fund has “a few coins, [mas] Not much”.

The statement confirms a rumor that appeared earlier this year, and reflects a trend that has already appeared in it Research Throughout 2021: Family offices are really eager to buy bitcoin as a treasury strategy.

For Fitzpatrick, cryptocurrency is really more of a hedge. “I’m not sure if Bitcoin is just a hedge against inflation. I think it crossed the chasm into the mainstream. Cryptocurrencies now have a market value of over $2 trillion. There are 200 million users around the world, so I think it’s becoming popular.”

However, the CEO justified the investment drop by saying that cryptocurrencies are “per se less interesting than DeFi use cases and things like that,” referring to the use of smart contracts for financial transactions without intermediaries, such as those used by Société Générale asking for a loan worth $20 million last week.

NFT Project Disappears With 2.7 Million US Dollars Investors

An NFT art project called Evolved Apes has orchestrated the latest revolution in the cryptocurrency world. The suspicion is that users have fallen victim to the so-called mat pull, in which the protocol creator runs a trap left during development.

sum 798 ETH Deposited in a smart contract that was originally intended to “develop and commercialize the project” was unexpectedly withdrawn at once and the unknown developer, known under the pseudonym Evil Ape, disappeared from social networks.

Suspicions of the fraud began shortly before, when digital artists began complaining that they had not received the promised payments for designing NFTs.

Now, users and artists are organizing to revive the group under the name Fight Back Apes. To protect itself from further fraud, the group will deposit funds collected from sales into a smart contract that requires multiple signatures (multiple passwords) to allow withdrawals.

Polygon to raise fees to combat unwanted transactions

Polygon Project (matic) announced that it would increase network fees to combat what it calls “spam”. The amounts charged for performing tasks on the blockchain will be increased by 30 times.

Polygon became known and gained supporters in 2021 after proposing a solution to Ethereum network congestion, which was blamed for driving prices up on the world’s leading platform for smart contracts. Those who choose to move their capital to the secondary tier of Polygon have reduced expenses from as little as $100 to a fraction of a dollar, depending on the volume of transactions per day.

However, the technology has fallen victim to its own solution, as low transaction costs are beginning to encourage a torrent of payments as a way to try to overcrowd the network and sabotage specific projects. With the fee increase, the developers hope to make this type of attack more expensive and frustrating.

Polygon’s main advantage lies in its potential compatibility with any smart contract developed for Ethereum. Recently, the OpenSea marketplace released support for the second-tier blockchain, which allows the transfer of NFTs at a lower cost to sellers and users.

Leading experts in Brazil teach you how to invest better in this asset class: Meet the Cryptoinvestor cycle!

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